Joseph Ades - New York City's "Peeler Man" (RIP Feb 09)...in most cases anyway, size doesn't matter ;)
In New York City, there was a distinguished English man who, for many years, sold a very simple product: a vegetable peeler. He secured an exclusive distribution agreement with the Swedish company that made them and started to sell their peelers right on the streets. He had no fancy offices, legions of employees nor a big ego. He was a very humble man who knew how to draw a crowd, entertain them and get them to buy his product.
Most would think that this man lived a simple life based on his small cutting board and his very low stool. In reality, the man was a MILLIONAIRE. He lived in an expensive high rise on Park Avenue, was a very distinguished gentleman and a connoisseur of fine arts, wines and music (apparently women too, because he married 4 times). How did he make his fortune? Selling his vegetable peelers.
Most days, he would go to a high-traffic area (i.e. China Town, Times Square, Union Square, etc.) and set up shop. He'd take out his vegetables and start using the peelers. All the while, he'd tell jokes, ask passers-by questions and show how ridiculously easy it was to peel carrots, potatoes and all kinds of vegetables with his peelers. He would sell them for $5 a piece, and often sold out every single time. Even if the weather was cold or hot, he'd be out there (with the exception of snow or rain of course).
He knew how people think, and how to use a crowd to his advantage. When people see a crowd, they stop and look to see what's happening. When people see someone buying, chances are, they're that much more likely to buy too. It's the concept of "Social Proof" where people look to their surroundings to help determine their decision. Some people call it a "herd mentality" as well.
Entrepreneurs can learn from his example. Sometimes, it isn't size that matters. You don't need a giant organization to do what you love or make a good living. You just need a good product or service, motivation, the ability to connect with people and a dream. Remember, at the end of the day, it is how much PROFIT you make that matters. You could be making billions in revenue, but what about if your costs are nearly that high too? Sure, it's good to think big...but it's even better to think smart and simple.
For those who asked him about how he became successful, he had one simple saying:
"Never underestimate the dollar."
In New York City, there was a distinguished English man who, for many years, sold a very simple product: a vegetable peeler. He secured an exclusive distribution agreement with the Swedish company that made them and started to sell their peelers right on the streets. He had no fancy offices, legions of employees nor a big ego. He was a very humble man who knew how to draw a crowd, entertain them and get them to buy his product.
Most would think that this man lived a simple life based on his small cutting board and his very low stool. In reality, the man was a MILLIONAIRE. He lived in an expensive high rise on Park Avenue, was a very distinguished gentleman and a connoisseur of fine arts, wines and music (apparently women too, because he married 4 times). How did he make his fortune? Selling his vegetable peelers.
Most days, he would go to a high-traffic area (i.e. China Town, Times Square, Union Square, etc.) and set up shop. He'd take out his vegetables and start using the peelers. All the while, he'd tell jokes, ask passers-by questions and show how ridiculously easy it was to peel carrots, potatoes and all kinds of vegetables with his peelers. He would sell them for $5 a piece, and often sold out every single time. Even if the weather was cold or hot, he'd be out there (with the exception of snow or rain of course).
He knew how people think, and how to use a crowd to his advantage. When people see a crowd, they stop and look to see what's happening. When people see someone buying, chances are, they're that much more likely to buy too. It's the concept of "Social Proof" where people look to their surroundings to help determine their decision. Some people call it a "herd mentality" as well.
Entrepreneurs can learn from his example. Sometimes, it isn't size that matters. You don't need a giant organization to do what you love or make a good living. You just need a good product or service, motivation, the ability to connect with people and a dream. Remember, at the end of the day, it is how much PROFIT you make that matters. You could be making billions in revenue, but what about if your costs are nearly that high too? Sure, it's good to think big...but it's even better to think smart and simple.
For those who asked him about how he became successful, he had one simple saying:
"Never underestimate the dollar."
He sure didn't.
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